Our History

What’s in a name?

Bannerman Resources takes its name from Australian cricketing legend, Charles Bannerman; the first of Australia’s great batsmen.

While there is no direct link between Charles Bannerman and Bannerman Resources, the Company aims to emulate the determination, discipline and high standard of ethics displayed by this celebrated cricketer.
Charles Bannerman holds the highest score by an Australian batsman on debut and scored the first ever Australian century in a Test match to cement his status as one of Australia’s greatest sporting heroes.

Bannerman in review

An emerging uranium development company, Bannerman Resources is focused on developing two properties in Namibia: the Etango and Swakop River Projects. Located in southern Africa, Namibia is considered to be a premier uranium mining jurisdiction.

Bannerman’s principal asset is its 80 per cent-owned Etango Project, which is considered to be one of the world’s largest undeveloped uranium deposits. Bannerman is focused on resource extension drilling and the feasibility assessment of a large open pit mining operation at the Etango Project.

Following incorporation and its initial listing as a public company in 2005, Bannerman focused its exploration efforts on a number of properties in Australia. In May 2005, Bannerman acquired an 80 per cent interest in Bannerman Namibia and became focused on the company’s Namibian properties, in particular the Etango Project, formerly the Goanikontes Project.

During the past three years, Bannerman Resources has focused on exploration and development activities at the Etango Project, with primary activities including the definition of mineral resources and the commencement of a feasibility study into the potential for an economic open pit mining and uranium oxide (U3O8) processing operation.

Since defining an initial resource estimate for the Etango Project in May 2007, Bannerman has completed a further four mineral resource updates, on each occasion increasing the total mineral resource estimate.

Following the positive results of an initial scoping study completed in September 2007, work commenced on a feasibility study for the development of a uranium mine at the Etango Project. This feasibility study is ongoing, with preliminary results expected in late 2009 or early 2010.

A final Definitive Feasibility Study (DFS) is planned for 2010 and, subject to completion of a successful bankable DFS (BFS), Bannerman aims to bring the Etango Project into production in 2013.

The most recent mineral resource estimate update for the Etango Project, completed in July 2009 and reported at a cut-off grade of 100 parts per million (ppm) U3O8, comprised Measured and Indicated mineral resources of 235.0 million tonnes (Mt) at an average grade of 208 ppm U3O8 for 107.7 million pounds (Mlbs) of contained U3O8, plus Inferred mineral resources of 120.7 Mt at an average grade of 197 ppm U3O8 for 52.4 Mlbs of contained U3O8.

Inter-corporate Relationships

Bannerman has two subsidiaries, one wholly-owned and controlled, being Elfort Nominees Pty Ltd (Elfort), and one 80 percent-owned, being Bannerman Mining Resources (Namibia) (Pty) Ltd (Bannerman Namibia).

Bannerman Namibia was initially incorporated in Namibia under the name Turgi Investments Pty Ltd and subsequently changed its name on 20 September 2006 to Bannerman Mining Resources (Namibia) (Pty) Ltd. Bannerman owns 80 per cent of Bannerman Namibia, with the remaining 20 per cent held by Mr Clive Jones (for himself and on behalf of Mr Nathan McMahon in Perth, Australia).

Mr Jones is presently a Non-Executive Director of Bannerman and Bannerman Namibia, and Mr McMahon is a former Non-Executive Director of Bannerman and Bannerman Namibia.

Bannerman Namibia is the sole owner of the mineral licences hosting the Etango Project and the Swakop River Exploration Project (Swakop River Project).

Elfort is incorporated in Australia under the Australian Corporations Act 2001 (Cth) and is a dormant entity.

Name, Address & Incorporation

Bannerman Resources Limited was incorporated under the Australian Corporations Act 2001 (Cth) as a limited liability public company on 18 February 2005.

The Company listed on the Australian Securities Exchange Limited (ASX) on 26 April 2005 (ASX:BMN). Subsequently, the Company listed and commenced trading on the Toronto Stock Exchange (TSX) on 19 November 2007 (TSX:BAN) and on the Namibian Stock Exchange (NSX) (NSX:BMN) on 2 April 2008.

Bannerman Resources’ head and registered office is located at Suite 18, Level 1, 513 Hay Street, Subiaco, Western Australia, 6008, Australia.